The projects listed in the act still must apply for funding, but potential initiatives include the $15.6 million Houston-Galveston Navigation Channel Extension; the $306.5 million Ala Wai Canal project in Hawaii; $922 million replacement lock at Soo Locks in Sault Ste. Marie, Michigan; and the $3.2 billion Sabine Pass to Galveston Bay hurricane and flood risk reduction project in Texas. The Galveston Bay project would see the largest federal outlay — $2.2 billion — for the "coastal spine." The act also unauthorizes about $4 billion of stalled or defunct projects.

At the signing this week, Trump said the legislation is a "major step" toward fixing America's infrastructure and that the act would provide the money and tools to upgrade coastal ports; reduce flooding; repair ecosystems; restore and maintain inland waterways; overhaul dams, hydropower and irrigation systems; and improve drinking water infrastructure. The president also touted the bill's "Buy American" provisions, which includes a five-year mandate to use American-made steel and iron on projects built under the act.

Dive Insight:

The act will provide some relief for communities that struggle with water project funding, but, according to the American Society of Civil Engineers, it would take $1 trillion to meet U.S. water infrastructure repair and construction needs. The EPA pegs the amount at about $743 billion.

Because many state and regional water authorities must come up with the money to pay for these projects, even if they're in line for a federal grant, programs like the EPA's WIFIA loan initiative are an important tool. This is evidenced by the number of applications the EPA receives for loans, a limited amount given how great the need is.

In August, the agency said it processed a record number of letters of interest from those wanting to participate in the WIFIA program. The requests totaled more than $9 billion, according to the EPA — almost twice the amount of the agency's available funds.